InterBay simplifies BTL structure

The lender, part of OneSavings Bank, said it will adopt a single tier pricing approach for buy to let and houses of multiple occupation (HMOs). This will result in a reduction of up to 0.65% for landlords borrowing less than £500,000.

The move follows similar changes made earlier this month to its commercial and semi-commercial proposition.

It will now offer borrowers a rate of three month LIBOR plus 3.45% at 65% loan-to-value (LTV), 3.60% at 75% LTV and 4.25% at 85% LTV.

Fixed rates are also available for up to 75% LTV – adding 0.1% to the variable rate for a three-year fix and 0.2% for a five-year fix.

Fees remain at 1.2% for loans above £1m, and 1.7% below £1m.

Darrell Walker, head of sales for second charge and commercial, said: “As an established, specialist lender, we have a pool of expertise and experience that we have been able to draw upon to ensure that these changes strengthen InterBay’s competitive position and provide a significant price reduction to customers whilst minimising the impact on returns.”